Macquarie Park to get $750m community business Precinct

Macquarie Park to get $750m community business Precinct

26 April 2019

Singapore-listed developer Frasers Property Australia and Winten Property Group have unveiled plans for a $750 million community business precinct—an Australian first they say will transform Sydney’s Macquarie Park, the AFR reports.

Called the Macquarie Exchange, the 83,368-square-metre project will comprise four towers of eight to 16 levels offering 74,000 square metres of office space, as well as 5,700 square metres of retail space, a childcare centre, gym, and 2,200 square metre central park.

It is pitched against rival developments by John Holland and Stockland.

The complex will ultimately house more than 7,000 employees in a hub designed by architects Bates Smart, and be located on a 15,620 square metre site at 396 Lane Cove Road that was once the headquarters for retailer Dick Smith.

The site is strategically located at the entrance to Macquarie Park’s new Metro station, which was purchased for $30 million in 2006.

Macquarie Park is one of the most active and sought-after growth areas in metropolitan Sydney for retail, industrial and residential landlords and education and innovation industries, says The Sydney Morning Herald.

The area is home to many of Australia’s Top 100 companies including Optus, Orix, Brother, Canon, Hyundai, Dupont and Konica Minolta. Stockland’s $500 million state-of-the-art technology is also in the precinct.

“Macquarie Exchange will be a dynamic activated urban commercial community that prioritises social interaction and collaboration – unlike anything that has existed in Macquarie Park before,” said Reini Otter, Frasers Property’s head of commercial and industrial.

Mr Otter said the development would activate the Metro precinct, “setting a new precedent for work environments outside the CBD”.

“With its scale, location and diversity, Macquarie Exchange has the ability to create a bustling mixed-use community, offering a network of spaces with a variety of experiences and activity for local businesses and the community.”

Macquarie Park’s office vacancy decreased from 5.4 per cent to 4.8 per cent in the six months to January 2019 due to 10,000 square metres of stock withdrawal, mainly from the planned metro station, Property Council of Australia figures show.

“Macquarie Park is an interesting market where we are seeing increased investment in transport infrastructure and an increased focus on place making, yet the demand for space is still not there,” PCA executive director Jane Fitzgerald said.

Stuart Vaughan, development director at Winten, said the Macquarie Exchange site would provide “significant public benefits” because of the new publicly accessible park, civic plaza and Metro station.

“The area is already a driver of economic growth and employment in New South Wales and state infrastructure such as the Metro upgrade,” he said.

City of Ryde forecasts predict Macquarie Park will contribute about $9.5 billion to the local economy though its 1900-plus businesses, 40,000 students and the 57,000 people expected to work in the area by 2028.

Approval for the project is expected in August with the first building due to commence construction next year and be completed in the first quarter of 2022.

The entire project is due to completed by 2028.